Japan Nikkei rebounds on buybacks

Japan share market finished session slight higher on Wednesday, 13 July 2022, as investors chased for bargain hunting after heavy losses in the previous session. However, market gains capped on caution before the release of a highly anticipated U.S. inflation report later in the day

At closing bell, the 225-issue Nikkei Stock Average added 142.11 points, or 0.54%, to 26,478.77. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 5.55 points, or 0.29%, to 1,888.85.

Total 24 of 33 TOPIX sectoral sub-indexes advanced, with Electric Power & Gas, Air Transportation, Pulp & Paper, Services, Transportation Equipment, and Securities & Commodities Futures issues being notable gainers, while Mining, Fishery, Agriculture & Forestry, and Insurance issues were notable losers.

 

SoftBank Group rallied 2.4% after reports that the startup investor was in talks with Abu Dhabi's sovereign wealth fund for the sale of Fortress Investment Group.

CURRENCY NEWS: The dollar moved in a tight range around 137 yen level in Tokyo trading on Wednesday, as a wait-and-see mood strengthened ahead of the release of the U.S. consumer price index for June later in global day. At 5 p.m., the dollar stood at 137.04-04 yen, down from 137.34-34 yen at the same time on Tuesday.

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